SANTA FE, N.M. (KRQE)– An increase in New Mexico’s income has left lawmakers with more money to work with as they prepare a new spending plan.
State economists raised tax revenue estimates by $93 million for the upcoming fiscal year.
That means government income is expected to surpass current annual spending obligations by $292 million.
New Mexico is recovering from a fiscal crisis that prompted spending cuts across the board last year.
This increase is primarily due to the uptick in oil and gas production.